China central bank's adjustment of......>

CHINA PRESS: China central bank's adjustment of counter-cyclical factor

indicated regulators are concerned about the fast appreciation of the currency,

the Securities Times reported in its front page Thursday. Now is also the

opportunity to reform the exchange rate system, it said. Authorities should

increase the yuan's two-way flexibility and let market adapt to higher

volatility, the newspaper said. The PBOC move will curb excessive gain by the

yuan, it said. However, FX reform should also include increasing the number of

market participants, relaxing transaction controls, increasing forex products

and liquidity, the report said. (Securities Times)